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GROUP OF SEVEN: The seven of the most advanced and industrialized nations of the world (abbreviated G-7)--the United States, Britain, France, Italy, Canada, Germany, and Japan--that meet regularly to coordinate fiscal and monetary policies. Their actions are based on the proposition that our global economy and the individual countries are better off through cooperation than conflict.

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Lesson 5: Demand | Unit 1: Buying Basics Page: 2 of 20

Topic: Demand Price <=PAGE BACK | PAGE NEXT=>

More we need to consider about demand. First the demand price.

Demand price is the maximum price that buyers would be willing and able to pay for a given quantity of a good.

  • The emphasis is on maximum. Buyers have an upper limit on the price that they would be willing and able to pay for a good.
  • Buyers are willing and able to pay a lower price. In fact, they would be glad to get it for free.
  • The maximum demand price is based on the fact of economic life that people prefer more to less.

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AVERAGE REVENUE CURVE, PERFECT COMPETITION

A curve that graphically represents the relation between average revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a perfectly competitive firm's output.

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APLS

RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time at a flea market trying to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?

A half gallon milk jug holds about $50 in pennies.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

JPUBE
Journal of Public Economics
A PEDestrian's Guide
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